First American Mortgage Rates, Fees & Info

YUKON, OK

LEI: 5493006KM0C07F0DE248

Tax ID: 73-1432800

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First American Mortgage is a smaller mortgage company specializing in Home Purchase loans. First American Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Oklahoma City, Weatherford, Lawton, Ardmore, and Shawnee among others. First American Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First American Mortgage is typically an average fee lendor.


Originations

563

Origination Dollar Volume (All Markets)

$125,675,000

Awards

FIRST AMERICAN MORTGAGE  30 Year Conventional Loans gold FIRST AMERICAN MORTGAGE  FHA Loans silver FIRST AMERICAN MORTGAGE  FHA Loans silver FIRST AMERICAN MORTGAGE  30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

First American Mortgage 's average 30 year fixed rate mortgage of loans were 2.94%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.21%.

Relative Fees

First American Mortgage 's average total fees for a 30 year fixed rate mortgage are $4,240.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
OKLAHOMA CITY, OK (FHA|USDA|VA) 497 $112,625,000 $226,610 $4,080 2.90%
Outside of Metro Areas 21 $3,905,000 $185,952 $4,026 3.10%
Weatherford, OK (FHA|USDA|VA) 16 $2,980,000 $186,250 $3,740 2.90%
LAWTON, OK (FHA|USDA|VA) 5 $1,125,000 $225,000 $3,411 3.00%
Ardmore, OK (FHA|USDA|VA) 4 $990,000 $247,500 $8,299 2.69%
Shawnee, OK (FHA|USDA|VA) 5 $945,000 $189,000 $4,429 3.22%
Elk City, OK (FHA|USDA|VA) 3 $835,000 $278,333 $5,288 2.58%
TULSA, OK (FHA|USDA|VA) 4 $730,000 $182,500 $5,261 2.75%
Stillwater, OK (FHA|USDA|VA) 2 $580,000 $290,000 $5,926 2.56%
Ponca City, OK (FHA|USDA|VA) 1 $275,000 $275,000 $5,069 2.99%
ENID, OK (FHA|USDA|VA) 2 $250,000 $125,000 $3,133 2.75%
Ada, OK (FHA|USDA|VA) 1 $225,000 $225,000 $6,087 2.38%
Tahlequah, OK (FHA|USDA|VA) 1 $125,000 $125,000 $3,319 3.38%
Duncan, OK (FHA|USDA|VA) 1 $85,000 $85,000 $2,727 3.25%

First American Mortgage 's top markets include Oklahoma City, Weatherford, Lawton, Ardmore, and Shawnee among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 360 $79,830,000 $221,750 $3,097 2.95%
FHA 125 $24,965,000 $199,720 $5,914 2.98%
VA 72 $19,820,000 $275,278 $6,055 2.59%
USDA 6 $1,060,000 $176,667 $4,253 2.96%

For the 2021 period, First American Mortgage 's most frequently originated loan type of loans were Conventional, with 360 originations. Their 2nd most popular type is FHA, with 125 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 422 $94,450,000 $223,815 $4,181 2.94%
Refi 89 $20,385,000 $229,045 $3,470 2.78%
Cash Out Refi 52 $10,840,000 $208,462 $4,687 2.90%

For the 2021, First American Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 422 originations. The 2nd most popular reason of loans were Refi, with 89 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 499 $112,415,000 $225,281 $4,240 2.94%
15 Year 39 $7,975,000 $204,487 $3,107 2.55%
20 Year 17 $4,135,000 $243,235 $3,147 2.98%
10 Year 5 $655,000 $131,000 $3,098 2.60%
Other 3 $495,000 $165,000 $3,695 2.75%

For the 2021, First American Mortgage 's most frequently cited loan length of loans were 30 Year, with 499 originations. The 2nd most popular length of loans were 15 Year, with 39 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 485 $111,015,000 $228,897
$1k-2k 50 $9,720,000 $194,400
$2k-3k 19 $2,675,000 $140,789
$3k-4k 9 $2,265,000 $251,667

$4,240 of loans were First American Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 485 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 288 $66,700,000 $231,597
3-4% 158 $30,590,000 $193,608
<2.5% 116 $28,270,000 $243,707
4-5% 1 $115,000 $115,000

During 2021, First American Mortgage 's average interest rate of loans were 2.94%, while their most frequently originated rate bucket of loans were 2.5-3%, with 288 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 262 $70,630,000 $269,580 $4,396 2.88%
$100k-200k 220 $33,900,000 $154,091 $3,865 2.94%
$100,000 or less 44 $3,650,000 $82,955 $2,898 3.08%
$400k-600k 37 $17,495,000 $472,838 $5,064 2.70%

2021 saw First American Mortgage place emphasis on $200k-400k loans with 262 originations, totaling $70,630,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 136 $26,120,000 $192,059 $4,237 2.93%
$100k-150k 132 $32,990,000 $249,924 $3,803 2.90%
$50k or less 107 $16,575,000 $154,907 $3,703 2.94%
$75k-100k 105 $23,845,000 $227,095 $4,246 2.88%
$150k-250k 64 $19,960,000 $311,875 $4,923 2.85%
$250k+ 12 $4,660,000 $388,333 $4,236 2.96%

First American Mortgage lent most frequently to those with incomes in the $50k-75k range, with 136 originations. The second most popular income band? $100k-150k, with 132 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 137 $31,385,000 $229,088 $4,249 2.91%
30-36% 98 $22,210,000 $226,633 $4,012 2.84%
<20% 67 $13,365,000 $199,478 $3,571 2.72%
38% 29 $7,185,000 $247,759 $3,970 3.01%
44% 27 $5,375,000 $199,074 $3,428 3.05%
43% 23 $5,135,000 $223,261 $4,758 2.83%
40% 22 $4,430,000 $201,364 $4,958 3.09%
41% 22 $5,090,000 $231,364 $3,974 3.04%
36% 21 $5,065,000 $241,190 $4,241 3.08%
37% 20 $4,350,000 $217,500 $4,069 3.03%
48% 19 $3,865,000 $203,421 $3,625 2.88%
42% 17 $4,415,000 $259,706 $3,724 3.00%
39% 17 $3,575,000 $210,294 $3,784 2.98%
45% 16 $3,740,000 $233,750 $5,973 3.03%
47% 10 $1,780,000 $178,000 $4,707 2.87%
49% 8 $2,240,000 $280,000 $4,869 2.77%
46% 6 $1,650,000 $275,000 $4,701 2.77%
50-60% 1 $305,000 $305,000 $3,430 2.75%

First American Mortgage lent most frequently to those with DTI ratios of 20-30%, with 137 originations. The next most common DTI ratio? 30-36%, with 98 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 483 $108,955,000 $225,580 $4,097 2.91%
American Indian 37 $7,705,000 $208,243 $4,413 2.84%
Black 15 $3,025,000 $201,667 $4,691 3.01%
Not provided 13 $2,785,000 $214,231 $4,144 2.88%
Asian 11 $2,325,000 $211,364 $3,692 2.88%
Native Hawaiian 2 $330,000 $165,000 $1,372 2.87%
Vietnamese 1 $275,000 $275,000 $4,452 2.99%
Asian Indian 1 $275,000 $275,000 $2,705 2.99%

Approval Rates

Total approvals of all applications
97.20%

First American Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
89.39%

First American Mortgage has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 563 $125,675,000 $223,224

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
563 $125,675,000 $223,224

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 7 $645,000 $92,143 $2,447 2.71%
40-60% 30 $5,540,000 $184,667 $3,090 2.77%
60-80% 155 $31,325,000 $202,097 $3,439 2.96%
80-100% 358 $84,180,000 $235,140 $4,251 2.91%
Over 100% 12 $3,930,000 $327,500 $12,441 2.51%
Under 20% 1 $55,000 $55,000 $3,042 2.63%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST MORTGAGE COMPANY Conventional home mortgage Trouble during payment process 5 83.3%
FIRST MORTGAGE COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 16.7%